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business
business statistics in practice

Questions and Answers of Business Statistics In Practice

=+a) Find the conditional probability of survival for each type of ticket.
=+b) Draw a probability tree for this situation.
=+c) Given that a passenger survived, what is the probability they had a first-class ticket?
=+53. Coffeehouse survey. A 2011 Mintel report on coffeehouses asked consumers if they were spending more time in coffeehouses. The table below gives the responses classified by age:
=+a) What is the probability that a randomly selected respondent is spending more time at coffeehouses and donut shops this year than last year?
=+b) What is the probability that the person is younger than 25 years old?
=+c) What is the probability that the person is younger than 25 years old and is spending more time at coffeehouses and donut shops compared to last year?
=+d) What is the probability that the person is younger than 25 years old or is spending more time at coffeehouses and donut shops compared to last year?Age 18–24 25–34 35–44 45–54 55–64
=+54. Electronic communications. A Mintel study asked consumers if electronic communications devices influenced whether or not they bought a certain car. The table on the next page gives the results
=+a) What is the probability that electronic communication devices somewhat influenced their decisions?
=+b) What is the probability that the person is earning at least$100K?
=+c) What is the probability that the person was somewhat influenced by electronic communications and earns at least$100K?
=+d) What is the probability that electronic communications somewhat influenced the purchase or that the person earns at least $100K?
=+55. Red Cross Rh. Exercises 36 and 38 discussed the challenges faced by the Red Cross in finding enough blood of various types. But blood typing also depends on the Rh factor, which can be
=+a) Is Rh negative given that he is type Ob) Is type O given that he is Rh negativec) A person with Type A - blood can accept donated blood only of types A- and O-. What is the probability that a
=+56. Automobile inspection. Twenty percent of cars that are inspected have faulty pollution control systems. The cost of repairing a pollution control system exceeds $100 about 40% of the time. When
=+57. Pharmaceutical company. A U.S. pharmaceutical company is considering manufacturing and marketing a pill that will help to lower both an individual’s blood pressure and cholesterol. The
=+a) What’s the probability that an adult American male has both conditions?
=+b) What’s the probability that an adult American male has high blood pressure?
=+c) What’s the probability that an adult American male with high blood pressure also has high cholesterol?
=+d) What’s the probability that an adult American male has high blood pressure if it’s known that he has high cholesterol?
=+58. International relocation. A European department store is developing a new advertising campaign for their new U.S.location, and their marketing managers need to understand their target market
=+a) What’s the probability that a survey respondent will shop at the U.S. store?
=+b) What is the probability that a survey respondent will shop at the store given that they are younger than 20 years old?
=+c) What is the probability that a survey respondent who is older than 40 shops at the store?
=+d) What is the probability that a survey respondent is younger than 20 or will shop at the store?
=+59. Pharmaceutical company, again. Given the table of probabilities compiled for marketing managers in Exercise 57, are high blood pressure and high cholesterol independent?Explain.
=+60. International relocation, again. Given the table of probabilities compiled for a department store chain in Exercise 58, are age and shopping at the department store independent? Explain.
=+61. Coffeehouse survey, part 2. Look again at the data from the coffeehouse survey in Exercise 53.
=+a) If we select a person at random, what’s the probability we choose a person between 18 and 24 years old who is spending more at coffeehouses?Communications influence on car purchase, by
=+b) Among the 18- to 24-year olds, what is the probability that the person responded that they are not spending more time at coffeehouses?
=+c) What’s the probability that a person who spends the same amount of time at coffeehouses is between 35 and 44 years old?
=+d) If the person responded that they spend more time, what’s the probability that they are at least 65 years old?
=+e) What’s the probability that a person at least 65 years old spends the same amount of time?
=+f) Are the responses to the question and age independent?
=+62. Electronic communications, part 2. Look again at the data in the electronic communications in Exercise 54.
=+a) If we select a respondent at random, what’s the probability that we choose a person earning less than $50 K and responded “somewhat”?
=+b) Among those earning $50–99.9K, what is the probability that the person responded “not at all”?
=+c) What’s the probability that a person who responded“very much” was earning at least $100K?
=+d) If the person responded “very much,” what is the probability that they earn between $50K and 99.9K?
=+e) Are the responses to the question and income level independent?
=+63. Real estate, part 2. In the real estate research described in Exercise 33, 64% of homes for sale have garages, 21%have swimming pools, and 17% have both features.
=+a) What is the probability that a home for sale has a garage, but not a pool?
=+b) If a home for sale has a garage, what’s the probability that it has a pool, too?
=+c) Are having a garage and a pool independent events?Explain.
=+d) Are having a garage and a pool mutually exclusive?Explain.
=+64. Polling. Professional polling organizations face the challenge of selecting a representative sample of U.S. adults by telephone. This has been complicated by people who only use cell phones
=+a) What’s the probability that a randomly selected U.S.adult has a landline?
=+b) What’s the probability that a U.S. adult has a landline given that he or she has a cell phone?
=+c) Are having a cell phone and a landline independent?Explain.
=+d) Are having a cell phone and a landline disjoint? Explain.
=+65. Above or below average skillful. According OECD’s Skills Outlook 2013, labor market skills are crucial to the development of international economies. The following table indicates whether
=+a) In this sample, what proportion of countries score above average for numeracy?
=+b) In this sample, what proportion of countries scoring above average for literacy, also score above average for numeracy?
=+c) Are literacy and numeracy proficiency scores independent? Explain.
=+66. Above or below average skills, part 2. The third column from the table of Exercise 65 provides scores for the highest level of problem solving skills in technology-rich environments. Is the
=+67. Used cars. A business student is searching for a used car to purchase, so she posts an ad to a website saying she wants to buy a used Jeep between $18,000 and $20,000.From Kelly’s
=+a) What is the probability that the first caller will be a Jeep Liberty owner?
=+b) What is the probability that the first caller will own a Jeep Liberty that costs between $18,000 and $18,999?
=+c) If the first call offers her a Jeep Liberty, what is the probability that it costs less than $19,000?
=+d) Suppose she decides to ignore calls with cars whose cost is Ú+19,000. What is the probability that the first call she takes will offer to sell her a Jeep Liberty?
=+68. CEO relocation. The CEO of a mid-sized company has to relocate to another part of the country. To make it easier, the company has hired a relocation agency to help purchase a house. The CEO
=+a) What is the probability that the selected house is a Cape Cod?
=+b) What is the probability that the house is a Colonial with a fireplace?
=+c) If the house is a Cape Cod, what is the probability that it has a fireplace?
=+d) What is the probability that the selected house is what the family wants?
=+*69. Computer reliability. Laptop computers have been growing in popularity according to a study by Current Analysis Inc. Laptops now represent more than half the computer sales in the United
=+a) Sketch a probability tree for this situation.
=+b) What percentage of computers sold by the bookstore last semester required service?
=+c) Given that a computer required service, what is the probability that it was a laptop?
=+b) In the square root re-expression, what does the value 50 actually indicate about the company’s assets?
=+80. Assets, again. Here are the same data you saw in Exercise 79 after re-expressions as the square root of assets and the logarithm of assets.0 75 150 225 510 15 20 Assets# of Companies 2.25 3.00
=+b) What would you suggest doing with these data if we want to understand them better?
=+79. Assets. Here is a histogram of the assets (in millions of dollars) of 79 companies chosen from the Forbes list of the nation’s top corporations.0 20,000 40,000 10 20 30 40 50 Assets# of
=+d) Write a brief description of monthly CPI over this time period.
=+c) Which graphical display seems the more appropriate for these data? Explain.
=+b) What features of the data can you see in the time series plot that aren’t clear in the histogram?
=+*78. Consumer Price Index (CPI). Here is a histogram of the monthly CPI as reported by the Bureau of Labor Statistics(ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt) from 2008 through
=+d) Write a brief description of unemployment rates over this time period in the United States.
=+c) Which graphical display seems the more appropriate for these data? Explain.
=+b) What features of the data can you see in the time series plot that aren’t clear in the histogram?
=+a) What features of the data can you see in the histogram that aren’t clear in the time series plot?
=+*77. Unemployment rate, 2013. The histogram shows the monthly U.S. unemployment rate from January 2003 to January 2013 (data.bls.gov/timeseries/LNS14000000).4 5 6 789 10 05 10 15 20 25# of Months
=+c) Which graphical display seems the more appropriate for these data? Explain.
=+b) Create a time series plot of the ratio and describe the trend.
=+76. Youth-to-adult unemployment rate ratio. The ILO’s concern about employment status of youth worldwide is based not only on the development of youth unemployment itself, but also the
=+c) Which graphical display seems the more appropriate for these data? Explain.
=+b) Create a time series plot of the data and describe the trend.
=+75. Youth unemployment rate. Global youth unemployment rate is increasing at such a pace over time that the International Labour Organization (ILO), opted for ‘A generation at risk’ in its
=+b) Which country has the best environment after combining the three measures? Be careful—a lower rank indicates a better environment to start up a business.
=+a) Use z-scores to combine the three measures.
=+74. World Bank. The World Bank, through their Doing Business project (www.doingbusiness.org), ranks nearly 200 economies on the ease of doing business. One of their rankings measures the ease of
=+73. Food consumption. FAOSTAT, the Food and Agriculture Organization of the United Nations, collects information on the production and consumption of more than 200 food and agricultural products
=+72. Tuition, 2008. The data set provided contains the average tuition of private four-year colleges and universities as well as the average 2007–2008 tuitions for each state.The mean tuition
=+71. Finnish education. Finland has a longstanding reputation for its national educational system. According to the OECD’s most recent PISA study, average proficiency in mathematics for youth in
=+70. Productivity study revisited. A second report by the National Center for Productivity analyzed the relationship between productivity and wages. They used the graph from Exercise 69, with the
=+69. Productivity study. The National Center for Productivity releases information on the efficiency of workers. In a recent report, they included the following graph showing a rapid rise in
=+68. Hurricanes, part 2. Using the hurricanes data set, examine the number of major hurricanes (category 3, 4, or 5) by every full decade from 1851 to 2000.a) Create a histogram of these data.b)
=+d) Discuss the time series plot. Does this graph support the claim of these scientists, at least up to the year 2000?
=+c) Create a time series plot of these data.

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